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Inflation transitory? the price hikes seem like they will be with us for a while. >> we have to address the fact that we've got to deal with the fact that folks are paying for gas, paying for groceries and need solutions to it. >> reporter: went on from there, inflation is here to stay and warn against spending trillions in washington. >> i worry about 2022. i think there's going to be a hangover effect and the big variable right now, inflation bypassing some version of the build back better bill. >> reporter: whenever they go into the store inflation has skyrocketed to a 39 year high, food pr...

That's a great situation. if you are a working for a new job they're available if you have the skills to fill them. the problem has been in my opinion, this is like our country has become addicted to crack cocaine of government spending. that can't go on. this is new year's eve. people will be drinking a lot tonight but guess what you get a hangover effect. what really worries me is what will happen in 2022 when you have the hangover effect from all of this inflation and all the unpaid bills of trillions and trillions of dollars. i think it could be quite a come down. >> trace: seems fair. aus...

Out of the system. when you go on a big drinking binge you have that hangover effect in the morning, i'm really worried about that hangover effect of all this inflation in cheap money in the economy in 2022. >> gillian: no one likes hangovers, democrats nor republicans. take a listen to the former acting counsel of economic advisors. >> you already see unions sort of demanding cost-of-living adjustments already, so you see increases coming from inflation. once those kick in, the sellers have to recoup those costs and higher prices. that is what economists are worried about. people are really f...

Chief of staff to vice president mike pence mark, how are you doing. good morning to you. what's the hangover effect of this decision now? >> well, i think it's a great day for american taxpayers not to have significant massive tax increases and more spending when they are facing inflation pressures. i think when ilhan omar and bernie sanders go and criticize manchin it helps him back in west virginia. joe biden won 30% of the vote in west virginia. this bill itself was polling at 25% support. 98% of people in west virginia said they're feeling the impact of inflation. this only helps joe manc...

The economy and we're still at zero interest rate pollz. it doesn't make sense. i'm old enough to remember back in the early 1980s when paul volker and reagan tried to get control of inflation higher than it is today. we had a gut wrenching recession. what worries me the most, austan, to come down from this high inflation, it is like a hangover effect and could really affect people negatively next year. >> bill: austan, last word. >> the context is the virus. the context is the virus. we have to see what happens with the omicron variant. hopefully it will be mild and move to normalization. if ...